LUC.TO · 2026-01-30 12:00:00

Lucara Files Updated Feasibility Study FOR Karowe Underground Project

Economic Studies

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January 30, 2026

NEWS RELEASE

LUCARA FILES UPDATED FEASIBILITY STUDY FOR KAROWE UNDERGROUND PROJECT

VANCOUVER, BC – January 30, 2026 /CNW/ (LUC – TSX, LUC – BSE, LUC – Nasdaq First North)

Lucara Diamond Corp. (“Lucara” or the “Company”) today reports the filing of an updated technical report (the

“Report”) for the updated Feasibility Study, prepared in accordance with National Instrument 43-101 – Standards of

Disclosure for Mineral Projects on its Karowe Underground Project

(“UGP” or “Project”) at the Karowe Diamond Mine located in Botswana. The Report is titled “Karowe Diamond Mine

2025 Feasibility Study Technical Report”, with an effective date of September 30, 2025, and was prepared for Lucara

by JDS Energy & Mining Inc. The Report can be found under the Company’s profile on SEDAR+ at www.sedarplus.ca

and on the Company’s website at www.lucaradiamond.com.

On behalf of the Board,

William Lamb

President and Chief Executive Officer

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For further information, please contact:

Vancouver Hannah Reynish, Investor Relations & Communications

Sweden Robert Eriksson, Investor Relations & Public Relations

ABOUT LUCARA

Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100% owned

Karowe Diamond Mine in Botswana. The Karowe Mine has been in production since 2012 and is the focus of the

Company’s operations and development activities. Lucara has an experienced board of directors (the “Board”) and

management team with extensive diamond development and operations expertise. Lucara and its subsidiaries

operate transparently and in accordance with international best practices in the areas of sustainability, health and

safety, environment, and com munity relations. Lucara is certified by the Responsible Jewellery Council, complies

with the Kimberley Process, and has adopted the IFC Performance Standards and the World Bank Group’s

Environmental, Health and Safety Guidelines for Mining (2007). The de velopment of the Karowe Underground

Project adheres to the Equator Principles. Lucara is committed to upholding high standards while striving to deliver

long-term economic benefits to Botswana and the communities in which the Company operates.

The information in this press release is information that Lucara is obliged to make public pursuant to the EU Market

Abuse Regulation. The Company’s certified adviser on the Nasdaq First North Growth Market is Bergs Securities AB,

[email protected], +46 739 49 62 50. This information was submitted for publication, through the agency of the

contact person set out above, on January 30, 2026 at 2:00 p.m. Pacific Time.